M&T Bank Corp grew its stake in Signature Bank (NASDAQ:SBNY – Get Rating) by 425.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,179 shares of the bank’s stock after acquiring an additional 6,623 shares during the quarter. M&T Bank Corp’s holdings in Signature Bank were worth $302,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Signature Bank by 6.5% in the 1st quarter. Vanguard Group Inc. now owns 6,161,104 shares of the bank’s stock valued at $1,808,223,000 after acquiring an additional 378,308 shares during the last quarter. BlackRock Inc. increased its stake in shares of Signature Bank by 7.1% in the 1st quarter. BlackRock Inc. now owns 4,682,876 shares of the bank’s stock valued at $1,374,378,000 after acquiring an additional 310,514 shares during the last quarter. Capital International Investors increased its stake in shares of Signature Bank by 72.7% in the 1st quarter. Capital International Investors now owns 3,198,719 shares of the bank’s stock valued at $939,240,000 after acquiring an additional 1,346,224 shares during the last quarter. State Street Corp increased its stake in Signature Bank by 1.8% during the 1st quarter. State Street Corp now owns 3,090,146 shares of the bank’s stock worth $906,927,000 after purchasing an additional 55,225 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in Signature Bank by 72.7% during the 1st quarter. Bank of America Corp DE now owns 1,577,263 shares of the bank’s stock worth $462,910,000 after purchasing an additional 663,755 shares in the last quarter. 98.62% of the stock is owned by institutional investors.
Signature Bank Trading Down 3.6 %
NASDAQ SBNY opened at $138.77 on Tuesday. The company has a market cap of $8.73 billion, a PE ratio of 6.78, a PEG ratio of 0.70 and a beta of 1.67. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.26. Signature Bank has a 12 month low of $129.96 and a 12 month high of $374.76. The stock has a 50 day moving average of $156.95 and a 200-day moving average of $181.63.
Signature Bank Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, November 10th. Investors of record on Friday, October 28th were paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date was Thursday, October 27th. Signature Bank’s dividend payout ratio (DPR) is presently 10.94%.
Wall Street Analysts Forecast Growth
A number of research firms recently issued reports on SBNY. Raymond James lowered their target price on Signature Bank from $286.00 to $228.00 and set a “strong-buy” rating for the company in a research note on Wednesday, October 19th. Piper Sandler lowered their target price on Signature Bank to $220.00 in a research note on Wednesday, October 5th. Keefe, Bruyette & Woods cut Signature Bank from an “outperform” rating to a “market perform” rating and set a $185.00 target price for the company. in a research note on Wednesday, October 19th. Wells Fargo & Company lowered their target price on Signature Bank from $280.00 to $250.00 and set an “overweight” rating for the company in a research note on Thursday, October 6th. Finally, Compass Point lowered their target price on Signature Bank to $180.00 in a research note on Thursday, October 20th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Signature Bank has an average rating of “Moderate Buy” and a consensus target price of $232.14.
Signature Bank Company Profile
Signature Bank provides commercial banking products and services. It accepts various deposit products, including checking accounts, money market accounts, escrow deposit accounts, cash concentration accounts, certificates of deposit, and other cash management products. The company provides various lending products comprising commercial and industrial loans, real estate loans, and letters of credit.
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